SW Asia Economics-SS7E5 Quiz

A tax placed on goods coming into a country from another country is known as

• A tariff

• A quota

• An embargo

• A natural trade barrier

A limit to the number or amount of a foreign produced good that is allowed into the country is known as

• A tariff

• A quota

• An embargo

• A natural trade barrier

A formal halt to trade with a particular country for economic and political reasons is known as

• Tariff

• Quota

• Embargo

• Natural Barrier

Which term is necessary for international trade?

• embargo

• interdependence

• currency exchange

• human capital

An economic exchange in which all sides agree to participate because they expect to benefit.

• International Trade
• Voluntary Trade
• Economy
• Trade barrier

Businesses make economic decisions, but the government regulates them to make sure they're safe/fair.

• Mixed

• Traditional

• Command

• Market

An undeveloped economy in which customs and habits from the past determine how decisions will be made; may be found in rural areas with high levels of subsistence farming and rely on barter rather than currency.

• Mixed
• Traditional
• Economy
• Market

What are tangible objects that satisfy economic wants and needs?

• Services

• Labor

• Invest

• Goods

In this economy, the government produces its signature brand of shoe-flavored chips and determines that it will be sold in all stores for $1.25 per bag. Which type of economy is this?

• Traditional Economy
• Market Economy
• Mixed Economy
• Command Economy

Why do countries need a system for exchanging currencies?

• To assist economic growth

• To encourage business loans

• To conduct international trade

• To support commercial treaties